vs
Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) and 4D Molecular Therapeutics, Inc. (FDMT). Click either name above to swap in a different company.
Black Stone Minerals, L.P. is the larger business by last-quarter revenue ($95.2M vs $85.1M, roughly 1.1× 4D Molecular Therapeutics, Inc.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 22.8%, a 53.1% gap on every dollar of revenue. On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs -8.7%). Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
BSM vs FDMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $85.1M |
| Net Profit | $72.2M | $19.4M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | 17.3% |
| Net Margin | 75.9% | 22.8% |
| Revenue YoY | -8.7% | 8508900.0% |
| Net Profit YoY | 55.8% | 139.1% |
| EPS (diluted) | — | $0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $95.2M | $85.1M | ||
| Q3 25 | $105.2M | $90.0K | ||
| Q2 25 | $106.7M | $15.0K | ||
| Q1 25 | $115.3M | $14.0K | ||
| Q4 24 | $104.3M | $1.0K | ||
| Q3 24 | $103.2M | $3.0K | ||
| Q2 24 | $115.2M | $5.0K | ||
| Q1 24 | $116.8M | $28.0K |
| Q4 25 | $72.2M | $19.4M | ||
| Q3 25 | $91.7M | $-56.9M | ||
| Q2 25 | $120.0M | $-54.7M | ||
| Q1 25 | $15.9M | $-48.0M | ||
| Q4 24 | $46.3M | — | ||
| Q3 24 | $92.7M | $-43.8M | ||
| Q2 24 | $68.3M | $-35.0M | ||
| Q1 24 | $63.9M | $-32.4M |
| Q4 25 | 78.6% | 17.3% | ||
| Q3 25 | 89.5% | -67983.3% | ||
| Q2 25 | — | -396373.3% | ||
| Q1 25 | 14.9% | -383007.1% | ||
| Q4 24 | 45.6% | — | ||
| Q3 24 | 90.2% | -1704400.0% | ||
| Q2 24 | 59.5% | -849120.0% | ||
| Q1 24 | 54.8% | -136200.0% |
| Q4 25 | 75.9% | 22.8% | ||
| Q3 25 | 87.2% | -63195.6% | ||
| Q2 25 | 112.5% | -364386.7% | ||
| Q1 25 | 13.8% | -342657.1% | ||
| Q4 24 | 44.4% | — | ||
| Q3 24 | 89.9% | -1461433.3% | ||
| Q2 24 | 59.3% | -699060.0% | ||
| Q1 24 | 54.7% | -115717.9% |
| Q4 25 | — | $0.43 | ||
| Q3 25 | — | $-1.01 | ||
| Q2 25 | — | $-0.98 | ||
| Q1 25 | — | $-0.86 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-0.79 | ||
| Q2 24 | — | $-0.63 | ||
| Q1 24 | — | $-0.66 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.5M | $402.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $505.7M |
| Total Assets | $1.3B | $566.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $402.7M | ||
| Q3 25 | $2.9M | $305.1M | ||
| Q2 25 | $2.5M | $293.2M | ||
| Q1 25 | $2.4M | $321.4M | ||
| Q4 24 | $2.5M | $424.9M | ||
| Q3 24 | $21.0M | $501.9M | ||
| Q2 24 | $26.7M | $541.9M | ||
| Q1 24 | $40.5M | $525.9M |
| Q4 25 | — | $505.7M | ||
| Q3 25 | — | $369.0M | ||
| Q2 25 | — | $420.9M | ||
| Q1 25 | — | $469.7M | ||
| Q4 24 | — | $510.6M | ||
| Q3 24 | — | $552.9M | ||
| Q2 24 | — | $588.3M | ||
| Q1 24 | — | $600.6M |
| Q4 25 | $1.3B | $566.7M | ||
| Q3 25 | $1.3B | $424.0M | ||
| Q2 25 | $1.3B | $473.6M | ||
| Q1 25 | $1.2B | $515.7M | ||
| Q4 24 | $1.2B | $560.4M | ||
| Q3 24 | $1.2B | $604.0M | ||
| Q2 24 | $1.2B | $620.1M | ||
| Q1 24 | $1.2B | $629.9M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $65.1M | $28.6M |
| Free Cash FlowOCF − Capex | — | $28.5M |
| FCF MarginFCF / Revenue | — | 33.5% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 0.90× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-109.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $28.6M | ||
| Q3 25 | $99.8M | $-46.5M | ||
| Q2 25 | $80.5M | $-43.4M | ||
| Q1 25 | $64.8M | $-47.8M | ||
| Q4 24 | $91.0M | $-134.6M | ||
| Q3 24 | $93.2M | $-29.4M | ||
| Q2 24 | $100.4M | $-30.2M | ||
| Q1 24 | $104.5M | $-29.1M |
| Q4 25 | — | $28.5M | ||
| Q3 25 | — | $-46.6M | ||
| Q2 25 | — | $-43.4M | ||
| Q1 25 | — | $-48.4M | ||
| Q4 24 | — | $-138.4M | ||
| Q3 24 | — | $-31.2M | ||
| Q2 24 | — | $-30.6M | ||
| Q1 24 | — | $-29.8M |
| Q4 25 | — | 33.5% | ||
| Q3 25 | — | -51765.6% | ||
| Q2 25 | — | -289620.0% | ||
| Q1 25 | — | -345635.7% | ||
| Q4 24 | — | -13837100.0% | ||
| Q3 24 | — | -1038966.7% | ||
| Q2 24 | — | -611840.0% | ||
| Q1 24 | — | -106421.4% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 101.1% | ||
| Q2 25 | — | 440.0% | ||
| Q1 25 | — | 4507.1% | ||
| Q4 24 | — | 378600.0% | ||
| Q3 24 | — | 59266.7% | ||
| Q2 24 | — | 6980.0% | ||
| Q1 24 | — | 2535.7% |
| Q4 25 | 0.90× | 1.47× | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 1.63× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BSM
| Oil Reserves | $46.4M | 49% |
| Natural Gas Reserves | $44.1M | 46% |
| Real Estate | $4.7M | 5% |
FDMT
Segment breakdown not available.
